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$251m lawsuit hits Telkom Nigeria

May 24, 2011 7:57 am 0 comments

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A Nigerian firm backed by private equity group Helios Investment Partners and Shanduka Group is suing Telkom for at least $251 million - a move that could complicate Telkom’s planned sale of its Nigerian unit.

According to court documents obtained by Reuters, Helios Towers Nigeria, which builds and rents towers used by mobile operators, is suing Telkom in the High Court of Lagos State, claiming the firm walked away from a 10-year rental agreement after just three years.

Helios Towers Nigeria is seeking $251 million plus interest and an injunction preventing Telkom from selling its Nigerian unit until the dispute is settled, the documents show.

Telkom said last month it planned to sell part of the money-losing unit, Multi-Links, for $52 million to Visafone Communications.

A spokeswoman for Multi-Links, Ijeoma Abazie, said in an e-mailed statement there were no injunctions currently in place on any of the parties.

Multi-Links has filed a civil action against Helios in the Lagos court, claiming non-compliance with Nigerian law, she said.

A spokesman for Telkom declined to comment, as did a spokeswoman for investment firm Shanduka.

Multi-Links, one of only four mobile operators using the CDMA technology platform in a market dominated by the rival GSM standard, has been a problem in recent years for Telkom, which itself is fighting to turn around its business.

Shares of Telkom ended down 2.4 percent at 36.80 rand on Monday, following a report on the suit by Britain’s Telegraph newspaper on Sunday. Reuters

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